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Tuesday, September 18, 2018

Vietnam Shipbuilding Industry Group News

Vietnam Suspends Vinashin Chief

According to a July 14 report from Bloomberg, Vietnam Shipbuilding Industry Group Chairman Pham Thanh Binh was suspended from his post as the government began an investigation into financial difficulties at the state-controlled company. Vinashin, as the shipbuilder is known, doesn’t have enough funds for some projects after its customers and lenders were hit by the global recession that started in 2008, the Ministry of Transportation said July 1. The company also over diversified its businesses and hasn’t managed its cash flow and debt properly, according to the transport ministry statement. (Source: Bloomberg)

Vietnam’s Vinashin Sells Four Ships Worth $110M

According to a report from Bloomberg, Vietnam Shipbuilding Industry Group sold four newly-built ships worth almost $110m, as the Vietnamese government tries to restructure and stabilize the state-owned company that almost went bankrupt due to losses. The shipbuilder, also known as Vinashin, is trying to complete ongoing ship-building projects. (Source: Bloomberg)

Construction to Start on New Damen Vinashin Shipyard

Photo courtesy Damen Shipyards Gorinchem

On 19 August 2010 the signing ceremony for the start of construction of the new shipbuilding facility of Damen Vinashin Shipyard in Haiphong, Vietnam took place in the head offices of the Vietnam Shipbuilding Industry Group (Vinashin) in Hanoi. Nguyen Duy Hung, Vice Operations Director of Song Cam Shipyard signed together with Erik van der Noordaa, Chief Operations Officer of the Damen Shipyards Group in The Netherlands. Song Cam Shipyard has been allocated by Vinashin to act…

Vietnam Arrests Four Former Vinashin Officials

According to a September 5 report from Bloomberg, Vietnamese police arrested four former officials of Vietnam Shipbuilding Industry Group, known as Vinashin, as the government extended its investigation into financial difficulties at the state-owned company. The people arrested on Sept. 3 include two former board members, Tran Quang Vu and Tran Van Liem, and ex-general directors of two of Vinashin’s subsidiaries, Nguyen Van Tuyen and Nguyen Tuan Duong, according to a statement from the Ministry of Public Security. (Source: Bloomberg)

New Leader for Vinashin

According to an AFP report, Vietnam has named a new chairman to take over Vietnam Shipbuilding Industry Group (Vinashin), after the last head was arrested for driving the company into massive debt. Prime Minister Nguyen Tan Dung reportedly appointed Nguyen Ngoc Su, formerly deputy head of state-owned oil and gas firm PetroVietnam, to head the shipbuilder. He replaces Pham Thanh Binh, who was suspended in July and later arrested due to the group's debts,. (Source: AFP)

New Vietnam Shipbuilding Group to be Lauched

According to a report from the VietnamNet Bridge, Deputy Prime Minister Nguyen Sinh Hung said a new Vietnam Shipbuilding Industry Group, Vinashin, will be unveiled this month or early November. The new shipbuilding group will focus on its core business, which are shipbuilding and repairing; supporting industries for shipbuilding; and providing training courses in the field. (Source: VietnamNet Bridge)

Vinashin Launches 6,500 Ton Container Ship

According to a Nov. 27 report from SGGP, a member of Vietnam Shipbuilding Industry Group (Vinashin) on November 26 launched a 6,500 ton container ship named Vinashin Southern No.1 in the northern port of Hai Phong. (Source: SGGP)

Vinashin Exposure May Hurt Banks

According to a report from Bloomberg, Vietnam Shipbuilding Industry Group’s near-bankruptcy may lead to an increase in the non-performing loan ratios at some Vietnamese banks, the World Bank said. State-owned Vietnam Shipbuilding, known as Vinashin, may account for as much as 3% of some local banks’ loan portfolios, Moody’s Investors Service said on Nov. 29. (Source: Bloomberg)

Vietnam Minister, Vinashin Should Make Its Own Payment

According to a report from Bloomberg, A Vietnamese minister said state- owned Vietnam Shipbuilding Industry Group, Vinashin, should make a $60m debt payment on its own as the government offers to help the company become profitable. (Source: Bloomberg)

Vinashin Struggles to Repay Creditors

According to an Associated Press report, state media say the Vietnam Shipbuilding Industry Group doesn't yet have an agreement on the first repayment toward $600m it owes foreign creditors. Vinashin reportedly defaulted last Monday on the $60m payment due as part of syndicated loans arranged by Credit Suisse in 2007. (Source: AP)

Vinashin to Receive Gov’t Loans to Pay Workers

According to a Dec. 28 report from Bloomberg, Vietnam Shipbuilding Industry Group, the state-run company that is struggling to repay debt, will be allowed to get interest-free loans from the government to pay its workers, according to a directive from the prime minister. (Source: Bloomberg)

Vinashin Aims to Complete 64 Ships and Regain Prestige

According to a report from Bloomberg, Vietnam Shipbuilding Industry Group said it will complete a total of 64 ships this year as it strives to “regain its prestige and brand.” The group handed over 22 ships worth $241m in the first eight months of the year, it said, and will complete 42 more ships by the end of 2010. (Source: Bloomberg)

Vinashin Misses Payment, Plans Review

According to a Bloomberg report, Vietnam Shipbuilding Industry Group (Vinashin), plans to present a KPMG LLP report on its business to creditors by mid-year after it missed a payment on a bank loan. Vinashin reportedly received a $600m loan in 2007 from banks led by Credit Suisse Group AG that paid higher interest than the London interbank offered rate, according to Bloomberg. While it made a $6.8 million interest payment on Dec. 23, the company reportedly missed a Dec. 20 deadline to make a $60m payment. (Bloomberg)

Austal Forges Links with Thai, Vietnam Shipyards

LCS 2: Photo credit Austal

Austal announce new strategic partnerships in the Asia-Pacific region to enhance its support to the US Navy & others in the region. Following on from the strategic partnership with Singapore’s Sembawang Shipyard Pte Ltd announced in January 2013, Austal has now secured similar agreements with Unithai Shipyard and Engineering located within Thailand's main international deep-sea port of Laem Chabang, and with the Cam Ranh Shipyard in Vietnam. Austal Chief Executive Officer Andrew…

Vinashin Gradually Stabilizes

According to the VOV News, some members of the Vietnam Shipbuilding Industry Group Vinashin have recovered from the economic crisis and stabilized their production and business to create more jobs and ensure workers’ incomes. On April 9, Vinashin’s Party Committee held its second Party Congress for the 2011-2015 term in the presence of politburo member and Deputy Prime Minister Nguyen Sinh Hung, who is also head of the Steering Committee for restructuring the Vinashin group.     (Source: VOV News)

Vinashin Asks Bondholders to Write Off Debt

A report from Bloomberg sited a bondholder who met with Vietnam Shipbuilding Industry Group, saying the state-owned company, with more than $4b in debt, asked holders of a local-currency bond it defaulted on in April to write off as much as 90% of the money owed. Source: Bloomberg

Vinashin Must Clear Debts Despite Difficulties

According to a report from Thanh Nien, Vietnam Shipbuilding Industry Group is facing difficulties clearing its debts but eventually it will have to pay them all, Minister and Chairman of Government Office Nguyen Xuan Phuc said. Total debts of Vietnam Shipbuilding Industry Group, also known as Vinashin, reached $4.2b as of the end of 2009, according to an audit by the Government Inspectorate.   Source: Thanh Nien

Vinashin Must Clear Debts

According to a report from Thanh Nien News, Vietnam Shipbuilding Industry Group is facing difficulties clearing its debts but eventually it will have to pay them all, Minister and Chairman of Government Office Nguyen Xuan Phuc said.    Source: Thanh Nien News

Interpol Hunts Vietnam Shipping Officials

According to a report from the AFP, Interpol has issued a global search warrant for two former officials of Vietnam's troubled state-owned shipbuilder. The wanted pair are Ho Ngoc Tung, former chief finance officer of Vinashin (Vietnam Shipbuilding Industry Group) and Giang Kim Dat, former business manager of a Vinashin subsidiary.   Source: AFP

Vinashin Inks Car Carrier Contract

The Nam Trieu Shipbuilding Industry Corporation (Nasico) under the Vietnam Shipbuilding Industry Group (Vinashin) on July 12 signed a contract to build a pair of ships, each capable of carrying 6,900 cars, for the Blystad group of Norway, according to a report on VOV news (http://english.vovnews.vn) The 200 x 32-m car carriers will be built to a design of DeltaMarin  under the supervision of DNV of Norway. The first ship is expected to be completed and transferred in October 2013 and the other, in April 2014.

Vietnam Charges Vinashin Executives

According to a report from the Associated Press, Vietnam’s state media said Vietnamese police have pressed charges against nine senior executives of a government-owned shipbuilding company, the Vietnam Shipbuilding Industry Group, known as Vinashin, that nearly collapsed due to mismanagement. Source:  AP

Vietnam Shipbuilders Vinashin Restructured & Renamed

Vietnam Shipbuilding Industry Group, the debt-ridden national shipbuilder, is being renamed and restructured as the government works to reform inefficient state-owned enterprises that are weighing down the economy, reports the country's Thanhnien News. Vinashin, as the company is known, will have its name changed to Shipbuilding Industry Corp., or SBIC, according to a Transport Ministry statement cited by Thanhnien News. SBIC will be state-owned with eight subsidiaries and registered capital of 9.52 trillion dong ($451 million). The shipbuilder, whose near-bankruptcy spurred sovereign credit downgrades, defaulted on a $600 million internationally syndicated loan in 2010. Vinashin had indicated it plans to cut 14,000 jobs, more than half its workforce. Source: Thanhnien News

Vietnam Shipping Executives Appeal Jail Terms

Hanoi — Eight former top executives at Vietnam's state-owned shipbuilder have appealed against lengthy prison sentences handed to them over their role in its near-collapse, official media said Wednesday. Chairman Pham Thanh Binh, 58, was jailed for 20 years late last month for intentionally violating state regulations at Vinashin, which racked up billions of dollars of debts, shaking investor confidence in the Communist country. Seven other former top executives at the company, formally known as the Vietnam Shipbuilding Industry Group, were given sentences of between three and 19 years after a four-day trial in the northern port city of Haiphong.

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